The NBA Board of Governors has authorized the purchase of Milwaukee Bucks ownership shares by investors Dee and Jimmy Haslam from franchise co-owner Marc Lasry.
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Milwaukee Bucks co-owner Marc Lasry sold his 25% investment in the franchise to Cleveland Browns owner Jimmy Haslam and Haslam Sports Group on Friday, the organization confirmed. According to sources briefed on the negotiations, the sale was valued at $3.5 billion.
The Haslams will join Wes Edens and Jamie Dinan as Bucks co-owners. Edens, who bought the franchise with Lasry in 2014, will be the Bucks’ Governor for the next five years, following Lasry.
Haslam Sports Group (HSG), along with Edens and Dinan, will own and operate the Bucks, Fiserv Forum, the Froedtert & the Medical College of Wisconsin Sports Science Centre, the team’s training facility, the Wisconsin Herd, the Bucks’ G League affiliate, and Bucks Gaming, the team’s 2K League affiliate.
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On Friday, the NBA board of governors accepted Jimmy and Dee Haslam’s attempt to buy Marc Lasry’s 25% stake in the Bucks, less than six weeks after the Haslam Sports Group and Lasry agreed on a price. According to the Journal Sentinel, the Haslam Sports Group paid $800 million for the portion, valuing the Bucks club at $3.2 billion. It is a lower figure than previously reported.
Dee and Jimmy Haslam noted in a statement provided by the Bucks, “We are equally honored and excited for the opportunity to invest in the Milwaukee Bucks and join the Edens and Dinan families as partners. This ownership group has created a championship organization both on and off the court, a standard that is rare in sports, and we highly respect the team they have built.”
He also added, “We have tremendous appreciation for the impressive history of basketball in Milwaukee and the passionate and loyal fan base. We appreciate the power of sports and its unique ability to bring people together and make a positive difference in our communities. We are thrilled to join the NBA and look forward to providing the support necessary for the Bucks to continue to achieve sustainable success.”
Following the season, the Bucks’ roster will be in an interesting position, as they may need to make some major decisions about a couple of its important players. Khris Middleton, 31, has a $40.4 million player option for next season. If he chooses not to exercise that option, he may become a free agent and seek a long-term deal.
Brook Lopez contender for Defensive Player of the Year, will be a free agent this summer. Jae Crowder and Joe Ingles, who have been major players on the wing throughout this postseason run, are also unrestricted free agents, while backup point guard Jevon Carter has a player option. Keeping all of those players will put the Bucks in the luxury tax and trigger the repeater tax. Keeping some of them will also keep them subject to the luxury tax.
The Bucks’ ownership has been clear for the previous five years that they will pay the luxury tax for a competitive club, but the bill has never been as enormous as the one they may face next season. Does the addition of Haslam to the ownership group alter that viewpoint in any way? — No
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